Baker Hughes, Sinopec, U.S. Natural Gas Storage: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

NATURAL GAS
U.S. Sees Bigger-than-Normal NatGas Storage Build - The U.S. Energy Information Administration (EIA) said U.S. utilities added 74 billion cubic feet (Bcf) of natural gas into storage during the week ending October 20. That compares with an increase of 61 Bcf in the same week last year and a five-year (2018-2022) average increase of 66 Bcf. Traders noted the storage increase was bigger than normal for this time of year because mild weather last week kept heating demand low. (Reuters)

EARNINGS REPORTS
Baker Hughes Raises Full-Year Revenue Forecast on LNG Equipment Demand - Energy services company Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) on Thursday raised its full year revenue forecast, primarily on strong demand for its liquefied natural gas (LNG) equipment. The company expects revenue this year of between $25.4 billion and $25.8 billion, compared with a previous forecast for revenue between $24.8 billion and $26 billion, it said during an earnings call. Baker Hughes raised its order outlook for its industrial and energy technology business segment for a second time this year. Orders in the segment, which includes its LNG business, are now expected to range between $14 billion and $14.5 billion, from its original forecast of $10.5 billion to $11.5 billion. (Reuters)

Sinopec's Third-Quarter Profit Jumps 34% - China's Sinopec Corporation (Beijing) on Thursday reported a 34% rise in third-quarter net profit to 17.86 billion yuan (US$2.44 billion) as higher refinery output and strong fuel sales offset lower realized oil and gas prices. Between January and September, Sinopec processed 5.18 million barrels per day of crude oil, up 7.6% versus a year earlier. (Reuters)

.....

About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).